St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-25
STATE OF TRADE.
The Weekly Review OF the Generan
Commercial Situation.


NEW YORK, June pr. G. Dunn 81
Co. in their weekly review OF trade saw.
The failure of the Fidelity bank of Gin
cinnati, with such evidences of rotten
ness and fraud that three officials have
been locked up on criminal charges. is-
the natural fruit of the wheat corner
that has disturbed business during the
past week quite extensively. The pros
pect that depoSitors may recover moth
ing, that more than eight other bankS
which deposited there will have losses
to bear, and that the fraudulent re-
hypOthecation OF collatterals for loansI
Will entalgle the resources of manvi
who had nothing to do with the Wbeati
operation, makes the disturbance felt in
many quarters. These events iustifv!
the precautions advised for weeks past
in this review, with respect to the prob
able failure OF the wheat corner and its,
consequences. The withdrawal OF,
funds from New York TO meet
immediate needs at the West
has caused temporary stringepcv,
here which spectators have nlagnified.I
but foreign-eXchange is so near the
shipping point and the supply of unused
funds abroad is SO large, that RELIEF
would come quickly if needs here should
become serious. Moreover large dis
bursements by the treasury in July are!
now close at hand. In the half yeaYIvI
settlements, in the struggle to'liquidate
enormous SpeculatiOnS and IN preDara-
tionS for summer duuness, howeyer5
there may be some pressure for moneys
during the remaining days OF June. At
nearly all other points nancy is.reportedu
in good supply General relorts of
business at nearly all points are hiShIv
encouraging and heincreasing prospect
of good crops adds to the prevailing
confidence. Collections are generally
fair to good and the volume of business
good for the season. The dry goods trade
is comparatively inactive as usual at this
period. but considerable movement after
July l is anticipated. Mems woolen
goods are decidedly dull, but in dress
goods and tlanneis the trade is fair
Cottons are unchanged in the main. but
print cloths are quoted at 1928 with,
large sales. The liquidation in cotton
proceeds slowly, but prices have de-
cllned IS for the week. Wheat has
fallen about 5 cents. though partial
corner in July still makes quotations.
here 8 cents or more above the price for
July. Products though still at Chicago
are about the level. In the stock mar
ket liquidation has been the features
Distrust of parties and securities
thought TO be even remotely eonnected
with the Cincinnati speculation is obyi-i
Gus, and there is less confidence as to,
the effects of the interstate act. a.
heavy increase i'll shipments by lake!
and canal is reported, and the enforce.
ment Of the law threatens TO stop man
ufacturing and mining at numerous
points. Under all the circumstances
the strength of the market issurprisiDg.
especially when it is remembered that
new securities for several hundred mill
ions have been listed this year. The;
iron market waits the outcome of the.
labor contests. Railroad building seems
to have been checked a little, but the.
present demand for most iron and steel
products seems better. Other labor con-
tests are disappearing. Real estate in
the West is still unusually active, and
though the bloom Is off the boom, SO to
speak, no visible reaction in prices is to
be expected at present. The business
failures during the last seven days NUM-
Der Tor the United States, III: for Cam
ada, 26; total, 1871 !; as compared with 2iS
week OF last yeax.